Ipo Timetable Chart - Public Companies and Equity Finance

The IPO process begins

• Company appoints advisers and meets sponsor (if premium listed)

• Sponsor drafts and advisers agree a timetable

• Sponsor informs FSA about intended IPO

• First marketing meetings with sponsor and broker

• Initial planning meetings with advisers take place

• Legal and financial due diligence begins

  • Business due diligence into the commercial aspects of the company

  • Financial due diligence carried out by the reporting accountants

  • Legal due diligence

    • Corporate – structure & constitution of the company

    • Business & trading – including requests for all material agreements

    • Assets

    • Property

    • Environmental matters

    • Insurance

    • Basic financial information

    • IP and information technology

    • Employees

    • Pensions

    • Disputes

    • Any market-specific regulatory issues

The process becomes intense

• Detailed drafting meetings, incorporating FSA’s comments

• Lawyers complete verification

• Publish any pathfinder prospectus

• Accountants and sponsors review cash-flow statements and any profit forecasts

• Convene completion GM of company

• Further PR meetings

• Ensure any ancillary documentation is prepared

• First meeting with registrars

• Deadline for submitting draft prospectus to the FSA is 20 days before impact day

  • 87C FSMA – FSA must notify company whether it has decided to approve prospectus before the end of the period of 20 working days beginning on the date which the application is received

  • Once approved it must be filed with FSA under PR 3.2.1R

• ADS 2.1 Submit draft prospectus to LSE 10 working days before impact day

• LR 3.3.2R Submission to FSA application for Admission of Securities to official list

• ADS 2.4 Submission to LSE of Form 1 in final form

All documentation must be signed off

• Verification meeting – actually part of the due diligence process

  • Process which produces a written record so that the company can support what it has said in the prospectus

  • Purpose is to protect those who have responsibility for the prospectus from legal liability arising out of its publication

• Completion board meeting

  • Approve the terms of the prospectus

  • Approve the terms of any ancillary documentation

  • Proceed with IPO and in particular the application for admission to listing & trading

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